TaxTMI 
TaxTMI 
Tax on income of individuals, Hindu undivided family and others
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....contained in sub-section (2) are satisfied, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to Rs. 2,50,000 Nil 2. From Rs. 2,50,001 to Rs. 5,00,000 5 per cent. 3. From Rs. 5,00,001 to Rs. 7,50,000 10 per cent. 4. From Rs. 7,50,001 to Rs. 10,00,000 15 per cent. 5. From Rs. 10,00,001 to Rs. 12,50,000 20 per cent. 6. From Rs. 12,50,001 to Rs. 15,00,000 25 per cent. 7. Above Rs. 15,00,000 30 per cent.: Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and other provisions of this Ac....
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.... (ii) for any previous year relevant to the assessment year beginning on ^12[****] the 1st day of April, 2025, shall be computed at the rate of tax given in the following Table, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 7,00,000 5 per cent. 3. From Rs. 7,00,001 to Rs. 10,00,000 10 per cent. 4. From Rs. 10,00,001 to Rs. 12,00,000 15 per cent. 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent. 6. Above Rs. 15,00,000 30 per cent.] ^13[(iii) for any previous year relevant to the assessment year beginning on or after the 1st April, 2026, shall be computed at the rate of tax given in ....
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.... any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head "Income from house property" with any other head of income; (iii) by claiming the depreciation, if any, under any provision of section 32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and (iv) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (3) The loss and depreciation referred to in clause (ii) of sub-section (2) shall be deemed to have been given full effect to and no further deduction for such loss or de....
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.... after the 1st day of April, 2021 but before the 1st day of April, 2024; (ii) whose total income is computed under sub-section (1A), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under section 80LA shall be available to such Unit subject to fulfilment of the conditions contained in the said section. Explanation.-For the purposes of this sub-section, the term "Unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).] (5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person,- (i) having income from business or profession, on or before the due....
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....uch option once exercised shall apply to subsequent assessment years; or (ii) along with the return of income to be furnished under sub-section (1) of section 139 for such assessment year, in case of a person not having income referred to in clause (i): Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise the option under this sub-section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available.] ************** NOTES:- 1. Inserted vide S....
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....) of section 80CCH or] section 80JJAA;" 7. Inserted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 8. Substituted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 before it was read as, "(4) In case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which has exercised option under sub-section (5), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under section 80LA shall be available to such Unit subject to fulfilment of the conditions contained in the said section. Explanation.-For the purposes of this sub-section, the term "Unit" shall have the meaning assigne....